S&P cuts Jamaica to SD on debt exchange
NEW YORK |
NEW YORK Feb 12 (Reuters) - U.S. rating agency Standard & Poor's on Tuesday cut Jamaica's sovereign rating to selective default from B-minus on a debt exchange program the agency said it viewed as a default.
"Jamaica has announced a domestic debt exchange program that officially launches today," S&P said in a statement. "Based on our criteria, we consider this exchange a default."
Moody's Investors Service rates the country B3 with a stable outlook; Fitch rates the country B-minus with a negative outlook.
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